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STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities    
Net loss [1] $ (69,968) $ (10,811)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 15 8
Amortization of premiums and discounts on marketable securities (1,057) 0
Change in fair value of preferred stock warrants (123) (21)
Share-based compensation expense 1,343 721
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 761 (2,112)
Accounts payable 856 4,295
Accrued liabilities 7,783 3,858
Security deposit 10 (29)
Net cash used in operating activities (60,380) (4,091)
Cash flows from investing activities    
Purchases of marketable securities (52,091) 0
Proceeds from maturities of marketable securities 22,500 0
Purchases of property and equipment (30) (37)
Net cash used in investing activities (29,621) (37)
Cash flows from financing activities    
Proceeds from issuance of Series A, Series A-1, and Series B convertible preferred stock, net of issuance costs 82,976 30,133
Deferred offering costs (2,479) 0
Proceeds from exercises of stock options 203 129
Net cash provided by financing activities 80,700 30,262
Net increase (decrease) in cash (9,301) 26,134
Cash and cash equivalents, beginning of the year 44,441 18,307
Cash and cash equivalents, end of the period 35,140 44,441
Supplemental disclosure of non-cash investing and financing information    
Right-of-use assets obtained in exchange for operating lease liabilities 190 311
Deferred offering costs included in accounts payable and accrued expenses $ 260 $ 0
[1] Retroactively recast for the reverse recapitalization as described in Note 1.